St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-09-07
NO. $50.

tiOn of III. n. Porter ct al, of Chicago;
IL. ID. Hyde, who appeared for numbel
OF the Boston creditors of the company;
w. 5. Opdyke, in the interest of
the Fourth National bank of New York;
L. Z: Bates, whose client, he stated,
was the National bank of Worcester
Mass; s. M. Crosby for other Boston
creditors, Senator ID. NJ. Sabin, PresiY
dent A. ID. s. Bell, of the thresher com.
pany: Receiver E. S. Brown and Mr.
Piper, an expert accountant brought
out by the Bostonians. Proceedings
were inaugurated by Judge FIandrau1
who read the draft of an order in which,
he asked the concurrence of the court,f
providing for the sale by the 18th OF
October, the appointment of a refereej
to direct and have charge of the same. a.
deposit of 100000 by the successfuK
bidder as guarantee of good faith, and
that minimum upset price should be-
set by the court. These were the salienti
features of the document and they:
were
DISCUSSED PRO AND CON
by all present, and the court frequently
interrupted to make suggestions to the
counsel on both sides. 1t was evident
from the outset that the lawyers, while
all agreed upon the advisability of sale,j
were not unit ON the question Of
time, and some pleaded fog
delay, at least until
might be afforded for the dissemination
of the terms of the sale. Such was the
position of MesSrS. Castle and Flower;
and both gentlemen vigorously de-
nounced the appointment of a referee
as multiplication of officers, and held
that the receiver was the most capable
person for conducting sale. This
brought out the Eastern contingent,
headed by Messrs. Hyde and Opdykey
who quoted authorities to show that a
referee was sanctioned by all the courts
OF the land in such procedure, and
that, without any intention of rehecting
upon the receiver, he would be charged
with personal interests in conducting
an action. and might not see fit to con-
Summate sale as early as desirable.
Another point brought out by the POr-
ter interest was to the effect that it
would not be advisable to force a sale Of
the cOmpanyS effects at this juncture,i
because the time had now arrived when
collections were in order from farmers
who had purchased machines, and from
this source a good dividend might reas-
Onably be expected. But let it be,
hands and not a dollar would be turned
over to the receiver or his agents through
out the twenty-three states where these
bills were due To Offset this argument
the Eastern capitalists representatives
urged that the purchaser of the rights
and franchises of the corporation shOuld5
have an opportunity to begin business
at the close of season, and thus make
a good start of reinvesting their money.
1t was shown also that it did not make
any material difference whether the
ON fool Il
ninety days. there was no likelihood Of
an outsider wanting to come in and buy.
an encountered property, for that would
practically be the case. Then followed
long discussion as to
THE AVAILABL U SETS
OF the company. and particular stress
was laid upon the fact that among
other things there were two law suits
against other corporations, to be in
cluded in the transaction. These the
Parker men wanted to remain under the
supervision of the receiver, with
a view to obtaining judg-
ments ultimately, but stout Resistance
was interp0Sed by the other side. Id
the midst of the arguments Mr.. SecOmb
called the attention of the disputants to
the fact that his clients had already
filed motion to vacate all the proceed
ings hitherto taken in the matter owing
to non-j jurisdiction, and he assured
those present that he would insist upon
the point being decided. In that re-
Spect he alone stood out against any
proposition looking to sale. Incident-
ally it was declared that nothing would
the sale, but only the creditors were to
be benefited and that the higher the
upset price was fixed the better would
be the dividend. This brought out
from Gen. Sanborn remark that when
he came to the meeting he had been in
structed to hold out for one and half
million dollars as the minimum upseB
price, but since he had listened to the
other counsel he was prepared 20 accept
reduction say to S1,250,G00. And he
made this proposition principally be-
cause. of the fact that the assets would
be reduced by collections between now
a dividend would thus be assured.
For his parthe would not raise any quesz
tion as to the desirability of selling the
but he wanted to realize
EVERY CENT POSSIBLE
for the creditors. An earnest effort was
made to induce the court to take action
in the matter, but he decided that it
would be ineXpedient until he had an
to study the document that
had been submitted. All the counsel
had given their views very fully and he
would render his decision upon the
points involved next Friday at o'clock
in tie afternoon. Subsequently, Judge
Mcclure denied a motion that had been
made to allow the receiver to bring
suits against the officers of the COM
pany, supplementing it with the assur-
ance from Senator Sabin, that he
courted the fullest investigation of all
in which he had been in
volved with the Car company.
Merely Mentioned.
The adjourned regular term of the district
court convened Yesterday morning There